SBA temporarily stops taking PPP applications from big banks to focus until midnight on smallest lenders
For an eight-hour period that began at 4 p.m. Wednesday, the PPP loan application portal is being reserved only for the nation’s smallest lenders: those with assets of less than $1 billion.
The order will use the Defense Production Act to classify meat processing as critical infrastructure to keep production plants open.
The Paycheck Protection Program began accepting applications again Monday with an additional $310 billion. But local business owners who were shut out during the first round were uncertain whether they’ll fare any better this time.
The banks approved 35,990 individual loans for companies and organizations in Indiana before the program ran out of money.
But an administrator of energy-assistance programs says the funding “only scratches the surface” of what’s needed.
Sanders planned to talk to his supporters later Wednesday.
Banks say they’re seeing overwhelming demand for Paycheck Protection Program coronavirus relief loans, and the Small Business Administration’s website is getting bogged down when they attempt to submit loan applications.
Nearly $350 billion in forgivable federally backed loans could be a lifeline for small businesses and their employees amid the COVID-19 outbreak.
More than 40% of Hoosiers have already filled out the 2020 Census, but concerns remain about getting the rest of the state to respond during a public health crisis.
Perhaps $1 billion will have to be spent from the state’s $2.3 billion in cash reserves to get through the budget year that ends June 30, Gov. Eric Holcomb said Friday.